German conglomerate Siemens AG has announced its plan to cut 15,000 jobs globally by the end of year 2014 to reduce the costs. The company has planned to cut 5000 jobs in Germany where it currently employs 119,000 professionals. Siemens has interests in health care goods, gas turbines, engineering products, wind energy, technology and lighting sector.

The company spun off its lighting unit Osram in last quarter. Joe Kaeser replaced earlier CEO Peter Loescher after he faced criticism for vague future strategy of the company and repeated profit warnings. Siemens has performed well in the stock markets as the company claims major market shares in the sectors it operates in. However, due to lower profit, the stock price was suffering.

Siemens aims to reduce cost by 6 billion euro after the restructuring and cost cutting drive. The company will cut 10,000 jobs at its facilities across the globe. The Munich headquartered company currently employs 370,000 employees worldwide.

Siemens announced 1.1 billion euro for third quarter. The company announced that a deal with union has been reached for half of the job cuts. The company is confident about agreement on rest of the job cuts as well.